TMI Blog1982 (5) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act before the Tribunal seeking a reference concerning the following questions : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was not engaged in genuine money-lending business ? 2. Whether there was any evidence before the Tribunal to hold that the assessee did not carry on any money-lending business ? and 3. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in disregarding the solemn affirmation made by the assessee before the authorities and in holding that he did not carry on any money-lending business? " These four applications were dismissed by an order of the Tribunal passed on 18th July, 1979. The asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... necessity of filing four applications under s. 256(2). However, the mere rejection of the application for condonation of delay would bring us back to the point that if the questions of law do arise, or any of them, they would arise out of the same order for all the years in question. We are not inclined at present to hold that only one application under s. 256(2) can be filed if there is only one appellate order by the Tribunal regarding the several years. This has become a part of the settled practice of the court. It is clearly understood that each assessment year is separate from every other assessment year. Therefore, there is a requirement to file a separate application for each year. However, as the, second point is not free from dif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AC on the ground that he (the assessee) had not produced the books of account of M/s. Laxminarayan Atmaram, which was a firm in which the petitioner was a partner before he started the name-lending business. It was submitted by the learned counsel for the assessee that though the finding might be of little effect qua the assessee's income, it had serious repercussions qua some of the genuine parties who had taken loans and whose evidence had been recorded by the ITO. It may be mentioned that the assessment was made by an ITO belonging to the Special Circle-V in Calcutta, and he had recorded quite a number of statements from parties who had stated that they had taken genuine loans from the petitioner. Apparently, the Department rejected al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sman concerned, the amount is shown as having been lent by the aforementioned lender or some other false or fictitious person. For these services, the name-lender gets a commission of 1.5 per cent. This enables the businessman A to utilise the sum X in his business as if it was lent by B. Actually, this is his unaccounted or concealed money from some other source. The name-lender, who creates these false credits and debits, may, at the same time have lent and there is a risk that that money may also be treated as being false and not genuine as if that person has utilised secreted funds. Learned counsel for the assessee urges that the result of, the assessment of the petitioner may have serious repercussions on quite genuine parties who have ..... X X X X Extracts X X X X X X X X Extracts X X X X
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